AGA Financial Group sells interest to Novacap

On October 5, 2020, Novacap announced that it had acquired an interest in AGA Financial Group Inc. ("AGA").

AGA helps businesses across Canada develop and administer tailor-made group insurance plans. AGA is also one of Quebec's leading third-party administrators and third-party payers (TPA/TPP) of group insurance and retirement plans. Its clients include over 1,200 small, medium and large businesses, as well as financial security and group insurance consultants wishing to make a group insurance plan available to their clients. AGA has a Quebec-wide distribution network and more than 100 employees across its offices in Montreal and Quebec City.

AGA is the third investment of the Novacap Financial Services I fund since its first closing in November 2019. Novacap is the first private equity firm in Canada to launch a fund dedicated to investing in financial services businesses.

Gowling WLG acted as legal advisor to AGA with a team led by Marc Tremblay and that included Stefan Nasswetter and Mathieu Santos-Bouffard (corporate/M&A); Laura Gheorghiu (tax); Jean-Francois Vadeboncoeur, Larisa Albu and Rosalie Munger (banking); and Tina Aswad (employment); assisted by paralegal Tanya DeNardis.